Iran offers oil to private sector to counter US sanctions

Tehran: Iran will offer crude oil to the private sector for export ahead of the US sanctions on its energy sector set to take effect on November 4, Financial Tribune daily reported Saturday.

Ali Hosseini, managing director of Iran Energy Exchange, told Financial Tribune that the decision by the National Iranian Oil Company (NIOC) to supply oil in the stock market is a turning point in Iran's key oil industry and its capital market, Xinhua reported.

Iran will start on Sunday to offer 1 million barrels of light crude oil on a daily basis, while the minimum volume of purchase will be 35,000 barrels, the report said.

The move aims at empowering domestic manufacturers and allowing bigger role for private enterprises, said NIOC.

A healthy and transparent venue will be established as part of the plan to exploit the potential of the non-government sectors in oil exports, NIOC said in a statement on October 13.

US President Donald Trump withdrew Washington from the Iranian international nuclear agreement in May and vowed to re-impose sanctions on Iran's financial, automotive, aviation and metal sectors.

The US State Department has set November 4 as the deadline for international oil buyers to stop all their oil purchases from Iran. Otherwise they will face US punishments.